It's the end of an era at PC processor maker Intel, or rather it will be in a few months. The company announced this morning that its current president and CEO, Paul Otellini, will retire in May 2013. He first joined Intel in 1974 and became its CEO in 2005.

Intel's press release points out that Otellini is only the fifth CEO in the 45 years Intel has been in operation, and during his tenure in the company's top spot, Intel has achieved both record revenues and profits.

Intel says that the six months between now and Otellini's retirement will allow the company to conduct an "orderly transition" to find someone to take over the job of chief executive. The press release added, "The board of directors will conduct the process to choose Otellini’s successor and will consider internal and external candidates for the job." Otellini will remain an advisor to Intel after he leaves the company.